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Fly News Breaks for July 5, 2018
TIVO
Jul 5, 2018 | 11:03 EDT
JPMorgan analyst Sterling Auty says news of TiVo CEO Enrique Rodriguez stepping down "can be perceived as a double edged sword." On one hand, investors might perceive the transition as negative for the company's strategic review process given Rodriguez's expertise in intellectual property licensing and that his compensation structure was tied much to the performance of the stock price, Auty tells investors in a research note. On the other hand, some investors might perceive the transition as an indication that there may not be a need for a CEO post, a positive outcome of the strategic review process in terms of a possible sale of the company, the analyst adds. Shares of TiVo are down 4% to $13.30 in morning trading. Auty admits, however, that the timing of Rodriguez's departure is unusual and that it is hard to read what the possible implications are in terms of the strategic review process without more information. He has an Overweight rating on TiVo shares.
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